Disclosed herein is a biodegradable prosthesis that includes a first end, a second end, and an elongate tubular body with a lumen therethrough. The prosthesis has a first outer layer with a drug delivery element that may include polyphosphoester microspheres. The prosthesis also can have a second layer comprising a set of flexible interbraided bioabsorbable filaments. Also, the prosthesis can have a third inner layer comprising a porous thermoplastic material.